U.S. seeks billions from global banks in currency investigation

[Omaha Steve]

Source: Fortune

(Reuters) – The U.S. Justice Department is seeking about $1 billion each from global banks being investigated for manipulation of currency markets, Bloomberg reported on Friday, citing people familiar with the talks.

The figure is a starting point in settlement discussions, with some banks being asked for more and some less, Bloomberg said.

One bank that has cooperated from the beginning is expected to pay far less and penalties of about $4 billion are on the table, Bloomberg reported, adding that the number could change markedly.

With banks pushing back harder than in some previous negotiations, including those for mortgage-backed securities, the final penalties could be lower, Bloomberg said.

FULL story at link.



Photograph by Jonathan Fickies — Bloomberg via Getty Images



Read more: http://fortune.com/2015/03/13/u-s-banks-currency-settlement/

[jwirr]

1. Hopefully we will not have to bail them out again. Thanks for the post.

[Dustlawyer]

2. Take them to trial you bought off pieces of crap! Elizabeth Warren is right!

They won't stop as long as it is profitable, and baby it is really profitable!

[blkmusclmachine]

3. Obama's DOJ has selective outrage. These guys must not be part of "THE FAMILY."

[winstars]

4. Just let Christie negotiate the settlement, I'm sure he'll get at least $400 0r $500 from the banks!

[NBachers]

5. Crooked billions are fine; just don't sell any loose cigarettes

[father founding]

6. so it is

In a oligarchy.

[snot]

7. Every senior executive in these banks should be jailed for a very long time, AND

be forced to regurgitate their ill-gotten gains, i.e., everything they've got.

Until that happens, we're not serious, and they don't care.

Because fining the bank doesn't hurt them, it only hurts their shareholders.